Shares of TeamLease Services today surged nearly six per cent on the bourses after the RBI hiked foreign investment limit in the staffing firm to 75 per cent from 24 per cent earlier.
The stock settled 5.87 per cent higher at Rs 2,151 on the BSE. It had opened on a positive note at Rs 2,076.95 and soon surged by 17.5 per cent to touch the day's high of Rs 2,387.25.
A similar movement was seen on the NSE, wherein the scrip closed at Rs 2,168, up 5.75 per cent from the previous close. During the day, the stock had hit a high of Rs 2,392 and a low of Rs 2,060.10.
However, the broader market remained weak as the Sensex plunged by 284.11 points to close at 33,033.09.
The Reserve Bank of India (RBI) after market hours yesterday, notified that the Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in TeamLease Services has increased to 75 per cent from 24 per cent of its paid up capital.
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